If the United States imposed a quota on the amount of salmon imported from Chile, the result would be ________ salmon prices in the United States and ________ in the quantity of salmon demanded in the United States
A) higher; an increase
B) higher; a decrease
C) lower; an increase
D) lower; a decrease
E) higher; no change
B
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For computers and other business equipment, small changes in business earnings tend to generate relatively large short-run changes in the demand for this equipment
In the long run, the responsiveness of demand for business equipment with respect to income changes tends to be: A) even more responsive. B) less responsive. C) equally responsive. D) none of the above
A successful advertising campaign would likely
a. increase price elasticity of demand by stressing the uniqueness of the product b. reduce price elasticity of demand by stressing the uniqueness of the product c. reduce price elasticity of demand by informing consumers of the availability of substitutes d. not alter the demand curve e. generally make the demand curve shift inward
Maximizing total revenue is the same as maximizing profit
a. True b. False
A key assumption of most economic analysis is that people are altruistic, meaning that they act in their own self-interest.
Answer the following statement true (T) or false (F)